Applications for first and second PPP loans will be accepted by participating banks through March 31, 2021 or until funds run out. First-time applicants do not have to meet any requirements related to their gross receipts. Applicants for a second-draw must have experienced a decrease in gross receipts of 25% in quarters 1,2, 3, or 4 of 2020 compared to the same quarter of 2019. Special rules apply for businesses that began operations in 2019.
If you wish to apply as a first-time or second-draw applicant, contact our office as soon as possible if you need our assistance. We estimate that the majority of our business clients have not experienced a 25% decline in gross receipts in any quarter of 2020 compared to 2019; therefore, we will not automatically make the calculations for all of our accounting clients. If you would be a first-time applicant or believe you meet the 25% decrease in gross receipts and wish to apply for a second draw you must contact our office if you need our assistance.
What is a "quarter" for application purposes?
Some clients have asked if a quarter is defined as any consecutive three-month period or if it must be a calendar quarter (e.g. January - March is quarter 1, April - June is quarter 2, etc.). Based on the rules published so far and a reading of the application it seems that second-draw applicants are limited to calendar quarters. We do not believe that you can use a custom consecutive three-month period to meet the 25% decrease in gross receipts requirement.
Applications are now being taken for the second round of PPP loans. First-time and second-draw applications can be submitted until March 31, 2021 or until funds runout.
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Employers are required to continue to pay employees under certain circumstances related to the COVID-19 virus. Employers will be reimbursed 100% of the payments under this act.
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Use our web-based NetClient portals or mobile app to send us documents and other files.
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Perform a "Paycheck Checkup!" Recent changes to the federal tax law made changes to your paycheck. Be sure that you have the proper amount of federal tax withheld in order to avoid a tax bill. Click here for details.